TIDMTOPC
RNS Number : 0974W
Top Creation Investments Limited
20 December 2013
Top Creation Investments Limited
("TCIL" or "the Company" or "the Group")
Unaudited interim results for the six month period ended 30
September 2013
The Board of TCIL is pleased to announce its unaudited interim
figures for the six months period to 30 September 2013.
Chairman's statement
Review of operations for the six month period ended 30 September
2013
In my last full year report as Chairman of your company on the
19th August 2013, the slowdown in the Chinese property market
continues to adversely affect the appetite of Chinese buyers in
overseas markets such as ours. Moreover overall growth of the
Chinese economy has slowed in the last year although there has been
a modest improvement in the last quarter.
These factors continue to impact on our GBP2.8m freehold land
purchase in the State. Accordingly we have not yet achieved our
targeted level sales of 65% which would make this project
self-financing and in this context your Board deem it imprudent to
commit our cash resources to this development until we can be sure
that the ultimate financial rewards for our shareholders will be
worthwhile.
Our other current development, a joint venture and profit
participation with Brilliant Valley Sdn Bhd, is moving ahead. This
development, as I mentioned in my last Chairman's statement for the
full financial year 2013, comprises the construction of five luxury
houses on two lots consisting of 39,255 sq. ft. in total and is
situated in Taman Yari, Kuala Lumpur, Malaysia.
Reservations were received in November 2012 and on the 23rd
September 2013, Brilliant Valley received the Development Order
Approval stipulating the details of the conditions which had not
previously been granted. The following month, on the 28th of
November, the civil engineer consultant submitted the earthworks,
road and drainage designs to City Hall for approval.
At that stage a number of design changes were requested by the
buyers and so the building plans had to be resubmitted and due to
this delay our architects are still working on the new
submissions.
Accordingly, in the light of these architectural re-submissions,
we anticipate that construction will commence in the first half of
the next financial year.
Your Board continues to examine further building prospects which
might be suitable for inclusion in our property portfolio and which
would enhance the value of your company.
Financial Overview
The financial information contained within this interim report
is based upon the Group's unaudited results for the six months
ended 30 September 2013.
The consolidated Statement of Comprehensive Income shows a
consolidated net loss for the period of GBP317,238. The loss was
mainly due to translation of the financial statements of foreign
operations resulting from the rising sterling. TCIL is in a net
cash position as at 30 September 2013 with a cash surplus of
GBP2,483. Currently the Company is relying on repayment of advances
from the joint venture business and sale proceeds of properties to
meet its monthly working capital requirements. We are considering
raising additional funds through bank borrowings or share issues to
finance working capital requirements and to acquire further
investments in suitable land or projects.
We look forward to the future with optimism and in the belief
that we will be able to deliver enhanced shareholder value.
Zhang Li
Chairman
Malaysia
20 December 2012
For further information, kindly visit http://www.topcltd.com or
contact:
Top Creation Investments Wong Yu Sun
Limited Finance Director +6012 2778972
-------------------------- ------------------- -----------------
Daniel Stewart & Company
Plc (Nominated Adviser) Antony Legge +44 20 7776 6550
-------------------------- ------------------- -----------------
Consolidated Statement of Comprehensive Income
Six months 15 February
ended 30 2011 to Period ended
September 30 September 31 March
Note 2013 2012 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP,000
Revenue - - -
Other income - 109
Administrative expenses (41) (30) (97)
Capital raising expenses - - -
Director fees (15) (16) (62)
Employee benefits expenses (89) (84) (141)
----------- ------------- --------------
Loss before tax (145) (130) (191)
Income tax expense 3 - - -
----------- ------------- --------------
Loss after tax (145) (130) (191)
Other comprehensive income/(loss)
Exchange difference on the translation
of
the financial statements of foreign
operations (173) (61) 49
Total comprehensive loss for the
period (318) (191) (142)
=========== ============= ==============
Loss per share (pence per share)
- Basic and diluted 0.06 0.03 0.03
Consolidated Statement of Financial Position
Restated
As at 30 As at 30 As at 31
September September March
2013 2012 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 10 13 13
Interest in joint venture 415
Current assets
Inventories 2,918 3,067 3,265
Deposits and Receivables 373 351 63
Cash and cash equivalents 2 218 38
----------- ----------- ---------
3,293 3,636 3,366
Total assets 3,303 3,650 3,794
----------- ----------- ---------
Liabilities
Current liabilities
----------- ----------- ---------
Other payables 265 118 214
----------- ----------- ---------
Total liabilities 265 118 214
Net assets 3,038 3,532 3,580
=========== =========== =========
Equity and reserves
----------- ----------- ---------
Share capital 550 550 550
Share premium account 3,696 3,696 3,696
Translation reserve (173) (136) (26)
Accumulated losses (1035) (578) (640)
----------- ----------- ---------
Total equity 3,038 3,532 3,580
=========== =========== =========
Consolidated Statement of Changes in Equity
Share
Share Premium Translation Accumulated
Capital Account Reserve Losses Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2013 550 3,696 (26) (640) 3,580
Loss for the period - - - (145) (145)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (173) - (173)
-------- -------- ----------- ----------- -------
Total comprehensive loss for
the period - - (173) (145) (318)
At 30 September 2013 550 3,696 (199) (785) 3,262
======== ======== =========== =========== =======
At 1 April 2012 - - - - -
Shares issued 550 3,696 (75) (448) 3,723
Loss for the period - - - (130) (130)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - (61) - (61)
-------- -------- ----------- ----------- -------
Total comprehensive loss for
the period - - (61) (130) (192)
At 30 September 2012 550 3,696 (136) (578) 3,532
======== ======== =========== =========== =======
At 1 April 2012 - - - - -
Shares issued 550 3,696 (75) (449) 3,722
Loss for the period - - - (191) (191)
Exchange difference arising
on the
translation of the financial
statements
of foreign operations - - 49 - 49
-------- -------- ----------- ----------- -------
Total comprehensive loss for
the period - - 49 (191) (142)
At 31 March 2013 550 3,696 (26) (640) 3580
======== ======== =========== =========== =======
Consolidated Statement of Cash Flows
Six months 15 February
ended 30 2011 to Period ended
September 30 September 31 March
2013 2012 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cash flows from operating activities
Total comprehensive loss for the
period (318) (191) (142)
Adjustments for:
Depreciation 2 1 3
Operating loss before changes in
working capital (316) (190) (139)
Decrease / (increase) in inventories 347 35 (163)
Decrease / (increase) in deposits (310) 19 307
(Decrease) / increase in other payables 51 (17) 79
Net cash used in operating activities (228) (153) 84
----------- ------------- ------------
Cash flows from investing activities
Acquisition of property, plant and
equipment - (3) (4)
Investment in jointly controlled
entity 415 (415)
Net cash used in investing activities 415 (3) (419)
----------- ------------- ------------
Cash flows from financing activities
Proceeds from issue of shares - - -
Net cash generated from financing
activities - - -
----------- ------------- ------------
Net increase in cash and cash equivalents (187) (156) (335)
Cash and cash equivalents at beginning
of year/period 38 373 -
Effect of exchange rate changes 147 1 373
Cash and cash equivalents at end
of period 2 218 38
=========== ============= ============
Notes To The Consolidated Financial Statements
For Six Months Ended 30 September 2013
1. Basis of preparation
The unaudited interim consolidated financial statements (the
"interim financial statements") are for six months ended 30
September 2012. They have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union ("EU") and specifically in accordance with
International Accounting Standards ("IAS") 34 'Interim Financial
Reporting'. They do not include all of the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the
period ended 31 March 2013.
The interim financial statements have been prepared under the
historical cost convention and are in accordance with the
accounting policies as set out on pages 18 to 24 in the Group's
consolidated financial statements for the period ended 31 March
2013. The accounting policies have been applied consistently
throughout the Group for the purpose of preparation of the interim
financial statements.
The unaudited interim financial statements were approved by the
Board of Directors on 20 December 2013.
2. Going concern
The interim financial statements of the Group are prepared on a
going concern basis. In common with many similar companies, the
Group raises finance for their investment activities on project and
property development mainly in Malaysia.
The Directors are of the opinion that the Group will have
sufficient cash to fund its activities based on forecast cash flow
information for a period in excess of twelve months from the date
of approval of these interim financial statements. Management
continues to monitor all working capital commitments and balances
on a weekly basis and believe that they have access to appropriate
levels of financing for the Group to continue to meet the
liabilities as they fall due for at least the next twelve months,
and that the Group is trading as a going concern.
3. Income tax expense
There is no tax charge for the period and no deferred tax has
been provided.
4. Foreign currency transactions
Income and expenditure for overseas subsidiaries are translated
into sterling based upon monthly average rates to give a fair
approximation to the transaction rate. Balance sheet items are
translated at the exchange rate at the balance sheet date. All
other differences are included within the translation reserve.
5. Availability of half yearly report
The Company's half yearly report will be available in soft copy
from the investors' section of the Company's website
(www.topcltd.com).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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